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COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
Accelevation LLCDelayed Draw Term Loan$1,031 $— 
Accelevation LLCRevolver793 — 
Acclime Holdings HK LimitedTerm Loan1,309 — 
Accurus Aerospace Corporation(2)Revolver1,671 461 
AD Bidco, Inc.Delayed Draw Term Loan391 3,522 
AD Bidco, Inc.Revolver1,303 1,303 
Adhefin International(3)Delayed Draw Term Loan446 393 
AirX Climate Solutions, Inc.(2)Delayed Draw Term Loan2,443 2,443 
AirX Climate Solutions, Inc.(2)Revolver814 814 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan— 259 
Americo Chemical Products, LLCRevolver471 471 
Application Boot Camp LLC(2)Revolver528 — 
Aquavista Watersides 2 LTD(4)Capex / Acquisition Facility— 2,182 
Arc Education(3)Delayed Draw Term Loan1,131 997 
Argus Bidco Limited(2)(4)Capex / Acquisition Facility— 358 
Armstrong Transport Group (Pele Buyer, LLC)(2)Revolver898 — 
Artemis Bidco Limited(3)Delayed Draw Term Loan581 663 
ASC Communications, LLC(2)Revolver1,089 1,089 
Astra Bidco Limited(4)Delayed Draw Term Loan— 185 
ATL II MRO Holdings Inc.Revolver3,289 3,289 
Avance Clinical Bidco Pty Ltd(2)(5)Delayed Draw Term Loan1,266 1,183 
Azalea Buyer, Inc.Delayed Draw Term Loan— 644 
Azalea Buyer, Inc.Revolver481 481 
Basin Innovation Group, LLCDelayed Draw Term Loan399 2,151 
Basin Innovation Group, LLCRevolver1,858 1,858 
Beyond Risk Management, Inc.Delayed Draw Term Loan4,629 4,629 
Biolam Group(2)(3)Delayed Draw Term Loan709 625 
Bishop Street Underwriters, LLC(2)Delayed Draw Term Loan1,940 — 
BKF Buyer, Inc.Revolver2,970 2,970 
Brightpay Limited(3)Delayed Draw Term Loan— 131 
BrightSign LLCRevolver687 244 
Broadstone Group UK LTD(4)Delayed Draw Term Loan2,057 — 
CAi Software, LLCRevolver— 1,261 
Caldwell & Gregory LLCDelayed Draw Term Loan708 3,312 
Caldwell & Gregory LLCRevolver2,500 2,500 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan49 63 
Cascade Residential Services LLCDelayed Draw Term Loan— 629 
Cascade Residential Services LLCRevolver331 — 
CCFF Buyer, LLCDelayed Draw Term Loan1,396 1,396 
CCFF Buyer, LLCRevolver1,047 1,047 
Ceres Pharma NV(3)Delayed Draw Term Loan431 — 
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
CGI Parent, LLCRevolver1,653 1,653 
CH Buyer, LLCTerm Loan55 — 
CloudOne Digital Corp.(2)Revolver2,707 — 
Comply365, LLCRevolver1,101 1,101 
Coyo Uprising GmbH(3)Delayed Draw Term Loan462 407 
CSL DualCom(4)Capex / Acquisition Facility— 148 
CW Group Holdings, LLCDelayed Draw Term Loan7,446 — 
DataServ Integrations, LLCRevolver— 481 
DAWGS Intermediate Holdings Co.Revolver1,888 — 
DecksDirect, LLC(2)Revolver283 34 
DISA Holdings Corp.Revolver343 429 
Discovery Buyer, L.P.Delayed Draw Term Loan7,216 — 
Discovery Buyer, L.P.Revolver1,793 — 
Dune Group(3)Delayed Draw Term Loan— 411 
Durare Bidco, LLC(2)Delayed Draw Term Loan968 — 
Durare Bidco, LLC(2)Revolver969 — 
EB Development(3)Capex / Acquisition Facility242 — 
EB Development(3)Delayed Draw Term Loan627 553 
Eclipse Business Capital, LLCRevolver15,727 12,636 
Electrical Components International, Inc.Delayed Draw Term Loan— 585 
EMI Porta Holdco LLC(2)Revolver2,195 2,254 
eShipping, LLCRevolver1,387 1,486 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan619 619 
Expert Institute Group Inc.Delayed Draw Term Loan2,005 — 
Expert Institute Group Inc.Revolver701 — 
Express Wash Acquisition Company, LLCRevolver193 115 
EZ SMBO Bidco(2)(3)Delayed Draw Term Loan704 — 
Faraday(3)Delayed Draw Term Loan— 928 
Footco 40 Limited(4)Delayed Draw Term Loan— 515 
Forest Buyer, LLCRevolver298 298 
Fortis Payment Systems, LLCDelayed Draw Term Loan— 361 
Fortis Payment Systems, LLCRevolver— 625 
GB Eagle Buyer, Inc.Delayed Draw Term Loan2,312 2,312 
GB Eagle Buyer, Inc.Revolver1,447 2,316 
GCDL LLCDelayed Draw Term Loan108 108 
GCDL LLCRevolver108 108 
Global Academic Group Limited(2)(7)Term Loan13 233 
GMES LLC(2)Delayed Draw Term Loan1,253 — 
GMES LLC(2)Revolver1,018 — 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan66 49 
Graphpad Software, LLCDelayed Draw Term Loan— 2,093 
Graphpad Software, LLCRevolver— 872 
Greenhill II BV(3)Capex / Acquisition Facility— 28 
Greenhill II BV(3)Delayed Draw Term Loan585 — 
Groupe Product Life(3)Delayed Draw Term Loan2,705 145 
Haystack Holdings LLCDelayed Draw Term Loan4,086 — 
Haystack Holdings LLCRevolver1,416 — 
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan113 164 
Heavy Construction Systems Specialists, LLCRevolver2,632 2,632 
HEKA Invest(3)Delayed Draw Term Loan612 539 
HemaSource, Inc.Revolver1,804 1,804 
High Street Buyer Inc.(2)Delayed Draw Term Loan1,800 — 
HomeX Services Group LLCDelayed Draw Term Loan426 650 
HomeX Services Group LLCRevolver304 338 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan1,952 — 
HS Advisory Buyer LLC(2)Revolver600 — 
HSL Compliance(4)Delayed Draw Term Loan2,534 — 
HTI Technology & Industries(2)Delayed Draw Term Loan2,045 2,045 
HTI Technology & Industries(2)Revolver1,364 1,364 
Hydratech Holdings, Inc.Delayed Draw Term Loan162 1,725 
Hydratech Holdings, Inc.Revolver683 924 
Ice House America, L.L.C.(2)Delayed Draw Term Loan816 816 
Ice House America, L.L.C.(2)Revolver63 257 
International Fleet Financing No.2 B.V.(3)Revolver947 — 
Interstellar Group B.V.(3)Delayed Draw Term Loan629 582 
InvoCare Limited(5)Delayed Draw Term Loan294 275 
ISTO Technologies II, LLCRevolver— 714 
ITI Intermodal, Inc.Revolver1,031 1,031 
Jocassee Partners LLCJoint Venture65,000 65,000 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility— 728 
Jon Bidco Limited(2)(7)Delayed Draw Term Loan534 — 
Jones Fish Hatcheries & Distributors LLCRevolver334 418 
KAMC Holdings Inc.(2)Revolver476 — 
Keystone Bidco B.V.(3)Delayed Draw Term Loan67 185 
Keystone Bidco B.V.(3)Revolver42 28 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan103 402 
Lattice Group Holdings Bidco Limited(2)Delayed Draw Term Loan72 237 
Lattice Group Holdings Bidco Limited(2)Revolver— 35 
LeadsOnline, LLCRevolver2,603 2,603 
LHS Borrower, LLC(2)Revolver824 — 
Lockmasters Security Intermediate, Inc.(2)Delayed Draw Term Loan2,024 — 
Lockmasters Security Intermediate, Inc.(2)Revolver868 — 
Marmoutier Holding B.V.(2)(3)Delayed Draw Term Loan— 23 
Marmoutier Holding B.V.(2)(3)Revolver— 65 
Marmoutier Holding B.V.(2)(3)Term Loan67 — 
MB Purchaser, LLCDelayed Draw Term Loan60 773 
MB Purchaser, LLCRevolver159 309 
MC Group Ventures Corporation(2)Delayed Draw Term Loan4,837 5,098 
Media Recovery, Inc. (SpotSee)Revolver594 635 
Media Recovery, Inc. (SpotSee)(4)Revolver797 742 
Megawatt Acquisitionco, Inc.(2)Revolver582 475 
Mercell Holding AS(2)(8)Capex / Acquisition Facility787 691 
MIV Buyer, LLCDelayed Draw Term Loan1,658 — 
MIV Buyer, LLCRevolver490 — 
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan947 884 
Momentum Textiles, LLCRevolver923 — 
Moonlight Bidco Limited(4)Delayed Draw Term Loan593 552 
MSI Express Inc.Delayed Draw Term Loan679 — 
MSI Express Inc.Revolver1,029 — 
Narda Acquisitionco., Inc.Revolver— 1,311 
NAW Buyer LLCDelayed Draw Term Loan5,362 5,729 
NAW Buyer LLCRevolver1,894 1,894 
Next Holdco, LLCDelayed Draw Term Loan1,891 1,891 
Next Holdco, LLCRevolver733 733 
NF Holdco, LLC(2)Revolver464 829 
Northstar Recycling, LLCDelayed Draw Term Loan— 4,295 
Northstar Recycling, LLCRevolver3,527 3,527 
NPM Investments 28 B.V.(3)Delayed Draw Term Loan509 449 
OA Buyer, Inc.Revolver— 1,331 
OAC Holdings I CorpRevolver1,370 1,370 
OSP Hamilton Purchaser, LLCDelayed Draw Term Loan— 4,276 
OSP Hamilton Purchaser, LLCRevolver1,145 666 
Owl Intermediate Holdings, LLCDelayed Draw Term Loan584 — 
Owl Intermediate Holdings, LLCRevolver1,900 — 
Parkview Dental Holdings LLCDelayed Draw Term Loan— 328 
PDQ.Com CorporationDelayed Draw Term Loan1,490 5,226 
Polara Enterprises, L.L.C.Revolver759 545 
PowerGEM Buyer, Inc.Delayed Draw Term Loan2,040 4,946 
PowerGEM Buyer, Inc.Revolver2,579 2,579 
Premium Invest(3)Capex / Acquisition Facility1,821 1,605 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan— 935 
Process Insights Acquisition, Inc.(2)Revolver— 104 
ProfitOptics, LLC(2)Revolver387 242 
Pro-Vision Solutions Holdings, LLCRevolver1,932 2,077 
PSP Intermediate 4, LLC(2)(3)Delayed Draw Term Loan— 193 
Qima Finance LTD(2)Capex / Acquisition Facility655 — 
Qualified Industries, LLC(2)Revolver242 242 
R1 Holdings, LLCRevolver219 1,601 
Randys Holdings, Inc.Delayed Draw Term Loan988 2,399 
Randys Holdings, Inc.Revolver719 1,231 
Rapid Buyer LLC(2)Delayed Draw Term Loan2,956 2,956 
Rapid Buyer LLC(2)Revolver1,478 1,478 
Real Chemistry Intermediate III, Inc.(2)Delayed Draw Term Loan1,502 — 
Real Chemistry Intermediate III, Inc.(2)Revolver1,000 — 
RKD Group, LLCDelayed Draw Term Loan1,645 — 
RKD Group, LLCRevolver653 — 
Rocade Holdings LLC(2)Preferred Equity7,000 14,000 
Rock Labor LLCRevolver1,103 1,103 
ROI Solutions LLCDelayed Draw Term Loan3,506 3,506 
ROI Solutions LLCRevolver3,138 3,138 
Royal Buyer, LLCRevolver— 1,748 
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
RPX CorporationRevolver3,024 3,024 
Ruffalo Noel Levitz, LLC(2)Revolver375 — 
Saab Purchaser, Inc.(2)Delayed Draw Term Loan— 4,787 
Saab Purchaser, Inc.(2)Revolver2,394 2,394 
Sanoptis S.A.R.L.(3)Term Loan2,787 2,456 
Sansidor BV(3)Capex / Acquisition Facility41 396 
SBP Holdings LPDelayed Draw Term Loan7,905 7,905 
SBP Holdings LPRevolver3,250 3,250 
Scout Bidco B.V.(2)(3)Revolver680 999 
SCP Medical Products, LLC.(2)Revolver213 — 
Screenvision, LLCRevolver613 — 
Security Holdings B.V.(2)(3)Revolver823 1,916 
Sinari Invest(3)Delayed Draw Term Loan509 449 
SISU ACQUISITIONCO., INC.(2)Delayed Draw Term Loan— 503 
Skyvault Holdings LLC(2)Delayed Draw Term Loan3,108 15,164 
Smartling, Inc.Revolver1,176 1,176 
SmartShift Group, Inc.Revolver1,651 1,651 
Solo Buyer, L.P.(2)Revolver1,130 1,463 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Delayed Draw Term Loan— 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver156 156 
SPATCO Energy Solutions, LLC(2)Delayed Draw Term Loan1,182 1,453 
SPATCO Energy Solutions, LLC(2)Revolver1,188 1,188 
Spatial Business Systems LLCRevolver1,406 1,406 
SSCP Pegasus Midco Limited(4)Delayed Draw Term Loan— 2,226 
Superjet Buyer, LLC(2)Delayed Draw Term Loan3,792 4,085 
Superjet Buyer, LLC(2)Revolver1,459 2,432 
SVI International LLCDelayed Draw Term Loan— 74 
SVI International LLCRevolver74 74 
Swoop Intermediate III, Inc.Delayed Draw Term Loan3,455 — 
Swoop Intermediate III, Inc.Revolver818 — 
TA KHP Aggregator, L.P.Delayed Draw Term Loan1,123 — 
TA KHP Aggregator, L.P.Revolver448 — 
Tank Holding Corp(2)Delayed Draw Term Loan— 139 
Tank Holding Corp(2)Revolver873 873 
Tanqueray Bidco Limited(4)Capex / Acquisition Facility1,218 1,133 
TAPCO Buyer LLCDelayed Draw Term Loan— 8,016 
TAPCO Buyer LLCRevolver1,415 2,915 
Technology Service Stream BidCo Pty Ltd(5)Delayed Draw Term Loan168 233 
Techone B.V.(3)Revolver558 492 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan7,932 — 
Tencarva Machinery Company, LLC(2)Revolver2,103 1,470 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)Delayed Draw Term Loan8,811 — 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)Revolver2,261 827 
THG Acquisition, LLCDelayed Draw Term Loan1,925 2,299 
THG Acquisition, LLCRevolver1,401 1,401 
Trintech, Inc.Revolver383 383 
TSYL Corporate Buyer, Inc.Delayed Draw Term Loan10,359 11,751 
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
TSYL Corporate Buyer, Inc.Revolver443 443 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan115 234 
UHY Advisors, Inc.Delayed Draw Term Loan8,665 13,247 
UHY Advisors, Inc.Revolver3,234 3,507 
Union Bidco Limited(4)Capex / Acquisition Facility6 66 
United Therapy Holding III GmbH(3)Capex / Acquisition Facility— 641 
Unither (Uniholding)(3)Delayed Draw Term Loan510 449 
Unosquare, LLCDelayed Draw Term Loan2,106 — 
Unosquare, LLCRevolver661 — 
WEST-NR ACQUISITIONCO, LLCDelayed Draw Term Loan12,065 14,420 
Whitcraft Holdings, Inc.Delayed Draw Term Loan171 2,912 
Whitcraft Holdings, Inc.Revolver893 893 
White Bidco Limited(2)Delayed Draw Term Loan— 515 
Woodland Foods, LLC(2)Line of Credit2,793 1,177 
World 50, Inc.Revolver973 973 
WWEC Holdings III CorpRevolver2,484 2,484 
ZB Holdco LLC(2)Delayed Draw Term Loan1,059 — 
ZB Holdco LLC(2)Revolver1,091 338 
Zelda Luxco S.A.S(3)Delayed Draw Term Loan1,250 — 
Total unused commitments to extend financing$396,202 $388,772 
(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both September 30, 2025 and December 31, 2024, the Company had guaranteed €9.9 million ($11.6 million U.S. dollars and $10.3 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh (“MVC Auto”) that mature in December 2025. The Company would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on the Company’s Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.